Question 1

Are credit cards and debit cards money? What's the difference between credit and debit cards?

Accepted Answer

Neither credit cards nor debit cards are

Question 2

What is current Canadian currency?

Accepted Answer

A)  fiat money with intrinsic value 
B)  fiat money with no intrinsic value 
C)  commodity money with intrinsic value 
D)  commodity money with no intrinsic value 
A)  fiat money with intrinsic value 
B)  fiat money with no intrinsic value 
C)  commodity money with intrinsic value 
D)  commodity money with no intrinsic value

Question 3

Suppose an economy has no money, and people use gold for all payments.
a. Discuss the effects of economic growth (an increase in the amount of goods and services that the economy produces) on prices.
b. What happens to prices when more gold becomes available, say due to new openings of gold mines?
c. Who determines the economy's money supply?
d Discuss the advantages and disadvantages of such a "gold standard" economy.

Accepted Answer

a. If the amount of goods and services a

Question 4

Which statement best illustrates the unit of account function of money?

Accepted Answer

A)  You list prices on your new restaurant menu in dollars. 
B)  You pay for your Toronto FC season tickets with dollars. 
C)  You keep $1000 in your safe for emergencies. 
D)  You sell your home for $750 000. 
A)  You list prices on your new restaurant menu in dollars. 
B)  You pay for your Toronto FC season tickets with dollars. 
C)  You keep $1000 in your safe for emergencies. 
D)  You sell your home for $750 000.

Are credit cards and debit cards money? What's the difference between credit and debit cards?

What is current Canadian currency?

Which statement best illustrates the unit of account function of money?

Ten Principles of Economics

Thinking Like an Economist

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

Measuring a Nations Income

Measuring the Cost of Living

Production and Growth

Saving, Investment, and the Financial System

Unemployment and Its Natural Rate

Money Growth and Inflation

Open-Economy Macroeconomics: Basic Concepts

A Macroeconomic Theory of the Small Open Economy

Aggregate Demand and Aggregate Supply

The Influence of Monetary Policy on Aggregate Demand

The Influence of Fiscal Policy on Aggregate Demand

The Short-Run Tradeoff Between Inflation and Unemployment

Five Debates Over Macroeconomic Policy

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Exam 10: The Monetary System

Are credit cards and debit cards money? What's the difference between credit and debit cards?

What is current Canadian currency?

Which statement best illustrates the unit of account function of money?

Ten Principles of Economics

Thinking Like an Economist

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

Measuring a Nations Income

Measuring the Cost of Living

Production and Growth

Saving, Investment, and the Financial System

Unemployment and Its Natural Rate

Money Growth and Inflation

Open-Economy Macroeconomics: Basic Concepts

A Macroeconomic Theory of the Small Open Economy

Aggregate Demand and Aggregate Supply

The Influence of Monetary Policy on Aggregate Demand

The Influence of Fiscal Policy on Aggregate Demand

The Short-Run Tradeoff Between Inflation and Unemployment

Five Debates Over Macroeconomic Policy

Filters